Rupee weakens against US dollar in early trade on Tuesday
The partially convertible currency is currently trading at 92.94, weaker by 4 paise from its previous close of 92.90 on Monday
The Indian rupee weakened against the US dollar in early trade on Tuesday, weighed down by unabated withdrawal of foreign capital, a firm dollar, and rising crude oil prices. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 8,167.17 crore on Monday, exchange data showed. Also, markets are bracing for US President Donald Trump’s deadline for Iran to agree a deal or face sweeping attacks on civilian infrastructure. However, the Reserve Bank of India (RBI) is expected to consider re-introducing incentives for the Foreign Currency Non-Resident (FCNR(B)) deposit route in its upcoming monetary policy review, scheduled for April 8, to arrest likely further depreciation in rupee.
The partially convertible currency is currently trading at 92.94, weaker by 4 paise from its previous close of 92.90 on Monday. The currency touched a high and low of 93.07 and 92.90 respectively.
